GCIAndrew Knott, CEO of Savannah Energy discusses the extension of their gas sales agreement
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Andrew Knott, CEO of Savannah Energy #SAVE discusses the extension of their gas sales agreement by Accugas Limited, the Company's 80% indirectly owned subsidiary, to First Independent Power Limited by up to 65 MMscfpd from the current agreement of up to 35 MMscfpd.
Highlights
Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter in Africa, is pleased to announce that Accugas Limited ("Accugas"), the Company's 80% indirectly owned subsidiary, has signed an addendum to its existing interruptible gas sales agreement ("IGSA") with First Independent Power Limited ("FIPL"), originally signed on 28 January 2020.
Accugas currently supplies up to 35 MMscfpd of gas to FIPL's Afam power plant. Under the terms of the addendum, FIPL will be able to increase the quantity of gas purchased from Accugas to up to 65 MMscfpd so as to also supply the Trans Amadi and Eleme power plants, in addition to its Afam power plant. FIPL's power plants have a total generation capacity of 391 MW, with the Trans Amadi and Eleme plants having generation capacities of 136MW and 75 MW, respectively. All three plants are located in Rivers State.
FIPL is an affiliate company of the Sahara Group, a leading international energy and infrastructure conglomerate with operations in over 42 countries across Africa, the Middle East, Europe and Asia.
About Savannah Energy
Savannah Energy PLC is an AIM quoted British independent energy company focused around the delivery of Projects that Matter in Africa and is active in Cameroon, Chad, Niger and Nigeria.
About the Sahara Group and First Independent Power Limited
Sahara Group is a leading international energy and infrastructure conglomerate with operations in over 42 countries across Africa, Middle East, Europe and Asia. The Group's affiliate, Sahara Power Group ("SPG"), is the largest privately owned vertically integrated power company in Sub-Saharan Africa, with plans to expand its generation capacity to exceed 5,000MW by 2023. The Sahara Group's portfolio includes Egbin Power Plc (the largest privately owned thermal power plant in Sub Saharan Africa excluding South Africa) and the Afam, Eleme, Omoku and Trans Amadi power plants. The Sahara Group successfully acquired majority shareholding stakes in two of the Power Holding Company of Nigeria ("PHCN") assets under the privatisation initiative of the Nigerian Government, namely Egbin Power Plc and Ikeja Electric Plc (one of the largest power distribution companies in Sub-Saharan Africa). In addition, the Sahara Group through its affiliate, NG Power HPS Ltd, acquired a 70% stake in First Independent Power Limited ("FIPL"). FIPL owns and operates four power plants privatised by Rivers State in 2014, including the Afam, Eleme and Trans Amadi gas-fired power stations.
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